Chinese blockchain project grants $ 1 million to third-party developers – Cointelegraph

On April 9, Nervos (CKB), a public blockchain network, allocated $ 1 million to several teams working on improvements to its infrastructure. This is the first of many payments to come from the network’s $ 30 million development fund previously announced.

$ 100 million ICO – $ 30 million in development funds

In 2018, Nervos successfully completed an initial parts offer, or ICO. During this sale, the project raised approximately $ 100 million. Nervos Network is a two-layer blockchain. Its base layer, like Bitcoin (BTC), is secured with the proof-of-work consensus mechanism, while the second layer is designed to provide scalability.

Nervos divided its initial grant of $ 1 million between seven teams. These teams “will contribute to the continued development of Nervos Network and further improve its use and interoperability,” the company said in a press release.

Construction of the Nervos infrastructure

Kim Fournier, global marketing manager at Nervos, shared the rationale for the initial set of grants with Cointelegraph:

“Our priority is to build an infrastructure for developers because we are aware that our technology is complicated and that it is not easy for developers to rely on. We want to encourage and allow developments. The grants have been distributed approximately equally between the teams, each receiving between 100 and 350k. One team received two grants for two different projects. “

According to Fournier, a team called Summa is developing a project that is of particular interest to the Nervos community. One of the objectives of this project is to create interoperability with the Bitcoin network.

Fournier estimates that Nervos will take a long time to allocate the entire content of its development fund. He says the company wants to build a blockchain that will still exist in a hundred years.